The Dividend Daily

The Goodyear Tire & Rubber Company (GT) caught a big upgrade on Friday from analysts at Goldman Sachs.

The analyst raised its rating on GT to “Buy” from “Neutral,” and also boosted its six-month price target on the stock to $19 from $17. Goodyear shares had closed at $13.74 on Thursday.

Goldman noted that Goodyear shares have underperformed since the end of October, and that the sell-off creates an opportunity to build a position. The analyst also raised its earnings estimates for the company through 2012, citing better pricing.

Goodyear shares rose 21 cents, or +1.5%, in premarket trading Friday.

The Bottom Line
Shares of GT are off 52-week highs of $18 a share. The stock has technical support in the $10-$11 price area. If the shares can firm up, we see overhead resistance around the $16 price level. We do not currently rate this non-dividend paying stock, but we do follow the company closely.

The Goodyear Tire & Rubber Company (GT) does not currently pay a dividend.

Be sure to visit our complete recommended list of the Best Dividend Stocks, as well as a detailed explanation of our ratings system here.